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General Cannabis Announces 2016 First Quarter Financial Results
General Cannabis Announces 2016 First Quarter Financial Results.
About this update from Trees Corporation
[{"type":"text","content":"\n\n DENVER, May 06, 2016 (GLOBE NEWSWIRE) -- General Cannabis Corporation (OTCQB:CANN), the all-in-one resource to the regulated cannabis Industry, today announced its financial results for the first quarter ended March 31, 2016. We intend to file our 10-Q on Monday, May 9, 2016.\n Financial and Operational Highlights First Quarter 2016 compared to 2015 Total Revenues increased 1,117% to $692,112Net loss per share increased 33% to ($0.08) per share Overview General Cannabis again had record financial performance in the first quarter of fiscal 2016 with the company showing revenue growth over Q4 2015. Each of our divisions delivered impressive performance this quarter.  IPG experienced a small decrease in revenues due to seasonal growing patterns with outdoor cultivation sites, but continues to gain market share in Colorado.Next Big Crop and Chiefton experienced revenue growth in excess of 70% when compared to Q4 2015. We continue to operate at a stable revenue run rate and are raising our 2016 revenue projections to $3.0 million based on current trends.  This does not give account to any potential acquisitions. Service Revenues, Tenant Revenues, and Product Sales each showed excellent financial performance.   Our teams at Iron Protection Group, Next Big Crop and Chiefton have established themselves as industry leaders in their respective categories.  They all employ best practices to this evolving industry. The ability to provide multiple services to individual clients is now well established and gaining momentum. Our integrated platform of services is described on our website at www.generalcann.com. Commenting on the financial results, Robert Frichtel, CEO noted, “General Cannabis  continues to show revenue growth and quality management leadership.  Our first quarter results in our Marketing, Consulting and Advisory revenues were the most dramatic, with an increase of over 100% compared to Q4 2015.”  Mr. Frichtel continued, “With the launch of Chiefton’s Spring Line and our strategic partnership for merchandise design and distribution with The Denver Post’s Cannabist (http://www.thecannabist.co), we expect to continue to see aggressive revenue increases throughout 2016 from our apparel offerings.” Operating  Developments General Cannabis announced...